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Share-based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation
14. Share-based Compensation

Total share-based compensation expense recognized by the Company and its subsidiaries under all equity compensation arrangements was $0.7 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively, and was $2.2 million and $1.1 million for the nine months ended September 30, 2025 and 2024, respectively, which is included within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

All grants are time based and vest either immediately or over a period established at grant, typically with a requisite service period of one to three years for a member of the Board of Directors or an employee to vest in the share-based award, subject to discretion by Compensation Committee. There are no other substantive conditions for vesting. The Company recognizes compensation expense for equity awards, reduced by actual forfeitures as they are incurred, using the straight-line basis.

Restricted Stock and Restricted Stock Units

A summary of INNOVATE’s restricted stock and restricted stock unit activity is as follows:
Number of Shares
Weighted-Average Grant Date Fair Value
Unvested - December 31, 2024294,663 $8.12 
Granted278,389 $5.90 
Vested(246,355)$8.05 
Forfeited(12,521)$7.99 
Unvested - September 30, 2025314,176 $6.22 

The aggregate vesting date fair value of the restricted stock and restricted stock units which vested during the nine months ended September 30, 2025 and 2024, was $1.3 million and $0.3 million, respectively. As of September 30, 2025, the total unrecognized share-based compensation expense related to unvested restricted stock and restricted stock units was $1.5 million and is expected to be recognized over the remaining weighted-average period of 1.1 years.
Stock Options

A summary of INNOVATE’s stock option activity is as follows:
Number of Stock Options
Weighted-Average Exercise Price
Outstanding - December 31, 2024
217,733 $16.94 
Granted
100,000$5.67 
Outstanding - September 30, 2025
317,733 $13.39 
Exercisable - December 31, 2024
117,733 $27.74 
Exercisable - September 30, 2025
217,733 $16.94 
As of September 30, 2025, the intrinsic value and weighted-average remaining life of the Company's outstanding and exercisable stock options were $0.1 million and approximately 8.6 years, respectively. The maximum contractual term of the Company's exercisable stock options is approximately ten years. As of September 30, 2025, there were 100,000 unvested stock options and $0.3 million of unrecognized share-based compensation expense related to unvested stock options and is expected to be recognized over the remaining period of one year.